Economic & Market Update

US market may open lower – U.S. stock futures were trading marginally low on Thursday. Dow Jones industrial average index futures dropped 0.2%, Standard & Poor’s 500 index futures slipped 0.1% and NASDAQ index futures were also down 0.01%. On Wednesday, the S&P 500 surged 0.5% to close at 1,848.38, the Dow climbed 0.7% to 16,481.94. The NASDAQ composite gained 0.8% to 4,214.88.

European market down – after surging to a five and half year high in the previous session, European stocks slipped on early Thursday following the sluggish sales number from Dutch grocer Ahold, and a cautious forecast from Dixons.The pan-European FTSE Eurofirst 300 index, dropped 0.1 % to 1,338.34 points by 0856 GMT after surging 1% to a 5-1/2-year high in the previous session.

Asian markets mixed – Japan’s Nikkei average dropped on Thursday as investors waited for more U.S. economic data before investing any further. The Nikkei closed 0.4% lower at 15,747.20, after surging to the high of 15.941.08 in earlier trading. The Hang Seng Index closed 0.4% at 22,986.4 points, and the China Enterprises Index of the leading offshore Chinese listings in Hong Kong dropped 0.1% as turnover was low.

Stocks To Watch

Citigroup Inc (NYSE:C)

REPORTED: Citigroup is expected to post fourth quarter earnings of 95 cents per share, according to a survey by FactSet. Analysts are expecting that Citi would post higher profits, but revenue would remain flat. Net income is expected to be $3 billion on revenue of $18.2 billion.

Goldman Sachs Group Inc (NYSE:GS)

REPORTED: For the fourth quarter, Goldman Sachs is anticipated to post earnings of $2.1 billion, or $4.21 per share on revenue of $7.7 billion compared to a profit of $2.89 billion, or $5.60 per share on revenue of $9.24.

J.C. Penney Company, Inc.(NYSE:JCP)

J.C. Penney Co. stocks could trade dynamically following the news that the company will close 33 underperforming stores and eliminate 2,000 jobs. Through the restructuring plans, the company would save around $65 million. Stocks of JC Penny declined 1% in extended trading.

CSX Corporation (NYSE:CSX)

CSX Corp dropped 3% in after-hours trading. Earnings for the company in the fourth quarter slipped to $426 million, or 42 cents per share, from $449 million, or 44 cents per share, in the corresponding quarter of the previous year. Revenue surged 5% to $3 billion in the quarter. Analysts have forecasted CSX to earn 43 cents per share.

Yahoo! Inc. (NASDAQ:YHOO)

Yahoo stocks are expected to trade actively following the announcement that the Chief Operating Officer Henrique de Castro will step down from the company. The company did not provide any details regarding de Castro’s departure, but announced a severance package for him.